RAK DAO Forge Strategic Partnership with Conflux Network to Propel Blockchain Innovation in the Middle East

  • February 14, 2024

Quick Take

The strategic partnership between Conflux Network and RAK Digital Assets Oasis marks a pivotal advancement for blockchain development in the Middle East. Combining Conflux’s technical prowess and RAK DAO’s innovative ecosystem, this alliance promises to catalyze innovation, education, and business growth in the blockchain sector, potentially transforming the digital landscape in the region.

Conflux Network and RAK DAO to Drive Blockchain Innovation and Digital Asset Development Across the Middle East

RAK Digital Assets Oasis (RAK DAO), an innovative initiative spearheaded by the Government of Ras Al Khaimah, has announced a groundbreaking partnership with Conflux Network, a leading developer of Layer 1 blockchain networks.

This collaboration marks a milestone in the blockchain industry, highlighting a significant step forward in the integration and advancement of blockchain and digital asset development across borders.

Conflux Network, recognized for its permissionless Layer 1 blockchain that facilitates decentralized economies across borders and protocols, has recently transitioned to a hybrid Proof of Work/Proof of Stake consensus. This upgrade enhances the network’s speed, security, scalability, and congestion management, ensuring low transaction fees and improved security.

Notably, Conflux stands as the only regulatory-compliant public blockchain in China, offering a unique edge for projects aiming to penetrate or expand within the Asian markets. Its previous collaborations with major brands and government entities, such as Shanghai city, McDonald’s China, and Oreo, underscore its pivotal role in blockchain and metaverse initiatives.

On the other side, RAK DAO, established under Law No. 2 of 2023 by the Government of Ras Al Khaimah, UAE, aims to catalyze the growth of digital assets and blockchain technology within the region. Through its progressive policies and supportive ecosystem, RAK DAO is positioning itself as a key hub for digital innovation and entrepreneurship.

The Memorandum of Understanding (MOU) signed between Conflux Network and RAK DAO outlines a comprehensive partnership that includes technical exchange and collaboration, joint initiatives for incubating innovative projects, strategic support for establishing a presence in the Middle East, and financial and technical backing for local enterprises embracing digitalization and Web3 technologies.

This alliance is expected to bring forth several benefits, such as accelerating innovation in blockchain technology, providing educational and developmental opportunities, and enriching business prospects for startups and enterprises in the region. By combining RAK DAO’s strategic location and facilitative role with Conflux Network’s technical expertise, the partnership is well-poised to drive significant advancements in the blockchain sector.

According to Dora Jiang, Global BD Lead of Conflux, the collaboration with RAK DAO is a testament to Conflux’s commitment to bolstering blockchain infrastructure and fostering the global adoption of Web3 technologies. Jiang expressed enthusiasm for leveraging their expertise and resources to empower businesses and entrepreneurs in Ras Al Khaimah and beyond, aiming to shape the future of blockchain and digital assets in the region.

This partnership not only signifies a leap forward for the blockchain industry in the Middle East but also highlights the growing recognition of blockchain’s potential across various sectors. As Conflux Network and RAK DAO embark on this journey, their efforts could pave the way for more substantial advancements in digital assets and blockchain technology, setting a precedent for future collaborations in the Web3 space.

Read Also: RAK DAO, Humans.ai Partner to Drive AI Innovation in Ras Al Khaimah

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